17 JUN 2010, Thursday

• Really hasn't been much to say.  Market appears to be burning off its oversold momentum by going sideways in a broad range.  One plus is...broke through previous pivot highs (but no follow through so far).
• It could go up more...wouldn't surprise.  However, a few things are stacked against it...seasonally, summer is a week time of year and recent release of the Leading Economic Indicators are showing a weakening economy.  Also, resistance above in JAN highs, mid-MAY bounce pivot and MA's.
• Next month, the government will start laying off many of the temporary census hires and that could blow a hole in the rosy "employment is improving" scenario.  Also, we are in what should be the strong part of the housing cycle and that is showing signs of weakening...which expanding housing and auto purchases are critical to our economy's health. 
• All that coupled with Europe imploding, Bernanke should be out of bullets and I really can't see Washington coming out with any new "stimulus bill" tells me "high risk"...not suitable for most.
• Oddly, the President may be trying to divert attention from the economy by him basically declaring war(???) against an oil spill after being slow to act?
• I am in no rush...just a trading environment.